How U.S. Mortgage Rate Declined Last Week

Mortgage buyer Freddy Mac announced that average rate on 30 years loan fell to 3.84 percent last week.

According to Freddy Mac survey, the rate on the 30-year loan dropped to 3.84 percent, compared with 3.88 percent two weeks ago and 4.71 percent a year ago.

That is below the previous record rate of 3.87 percent reached in February.

The average 15-year rate dropped to 3.07 percent from 3.12 percent, compared with 3.12 percent two weeks ago and 3.89 percent a year ago.

Rates on 5-year Treasury-indexed hybrid adjustable-rate mortgages averaged 2.85percent, unchanged from two weeks ago and down from 3.47 percent a year ago.

One-year Treasury-indexed ARMs also hit a record low at 2.7 percent, compared with 2.7 percent two weeks ago and 3.14 percent a year ago.

According to the National Association of Realtors, home sales declined 2.6 percent in March to a seasonally adjusted annual rate of 4.48 million.

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This entry was posted on Monday, May 7th, 2012 at 8:26 pm and is filed under Real Estate. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.